根據2022年第一次股份激勵計劃授出購股權 根據上市規則第17.06A條，董事會宣佈，於2025年10月2日，本公司根據2022年 第一次股份激勵計劃向4名購股權承授人授出394,836份購股權（「購股權授出」）。 購股權授出的詳情載列如下： 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表明概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何 責任。 DPC Dash Ltd 達勢股份有限公司 （於英屬維爾京群島註冊成立的有限公司） （股份代號：1405） 股份於授出日期的 收市價： 1 每股股份85.75港元 授出日期： 2025年10月2日 購股權承授人人數： 4名僱員參與者 所授出購股權的數目： 394,836份 購股權獲悉數行使時 將發行的股份總數： 394,836股股份，約佔本公司截至本公告日期已發行股本 總額的0.30% 所授出購股權的 行使價： 每股股份85.75港元，為以下各項之最高者： (i) 聯交所每日報價表所示股份於2025年10月2日（即授 出購股權的日期）的收市價每股股份85.75港元； ...

天风证券（601162）发布研报称，达势股份(01405)是披萨赛道龙头，具备较强成长性，有望在中国市 场实现不断扩张，看好后续的门店拓展、降本提效及总部费用摊薄下的盈利能力改善。根据25H1业 绩，维持25-27年盈利预测，预计25-27年经调整净利润为1.7/2.7/3.8亿元，维持"增持"评级。 天风证券主要观点如下： 公司发布25H1业绩公告 25H1，收入25.9亿元、同比增长27.0%，门店层面经营利润3.8亿元、同比增长28.0%，门店层面经营利 润率14.6%、同比24H1提升0.1pct、环比24H2提升0.2pct，经调整净利润0.9亿元、同比增长79.6%，经调 整净利率3.5%、同比24H1提升1.0pct、环比24H2持平。 成本费用：薪酬费用率优化 25H1原材料成本率27.3%、同比持平，整体员工薪酬开支率33.8%、同比降低1.1pct。其中，门店层面员 工现金薪酬开支率27.7%、同比提升0.3pct，源于为进入新市场储备使得门店平均人数增加;总部员工现 金薪酬开支率5.1%、同比降低0.4pct，主要系规模经济效益;股份薪酬开支率1.0%、同比降低1.0pct，主 要系授出 ...

智通财经APP获悉，天风证券发布研报称，达势股份(01405)是披萨赛道龙头，具备较强成长性，有望在 中国市场实现不断扩张，看好后续的门店拓展、降本提效及总部费用摊薄下的盈利能力改善。根据 25H1业绩，维持25-27年盈利预测，预计25-27年经调整净利润为1.7/2.7/3.8亿元，维持"增持"评级。 天风证券主要观点如下： 25H1，收入25.9亿元、同比增长27.0%，门店层面经营利润3.8亿元、同比增长28.0%，门店层面经营利 润率14.6%、同比24H1提升0.1pct、环比24H2提升0.2pct，经调整净利润0.9亿元、同比增长79.6%，经调 整净利率3.5%、同比24H1提升1.0pct、环比24H2持平。 开店及门店运营：全年开店目标已锁定约98%，成熟市场维持同店正增长 1)门店扩张：截至25H1末门店总数1198家、同比增长31.1%，25H1净开店190家，截至8月15日额外净开 43家门店，另有27家门店在建、35家门店已签约，有望实现2025年300家的开店目标(全年开店目标已锁 定约98%)。分城市看，25H1末一线城市市场门店数515家、同比增长3.4%、门店数占比43% ...

于同日，该公司根据2022年第一次股份激励计划的股份奖励而发行1.84万股普通股股份。 智通财经APP讯，达势股份(01405)发布公告，于2025年9月30日，该公司根据2022年首次公开发售前计 划的股份期权而发行1.12万股普通股股份。 ...

于同日，该公司根据2022年第一次股份激励计划的股份奖励而发行1.84万股普通股股份。 达势股份(01405)发布公告，于2025年9月30日，该公司根据2022年首次公开发售前计划的股份期权而发 行1.12万股普通股股份。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 达势股份有限公司 呈交日期： 2025年9月30日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01405 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | 事件 | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行股份 ...

Investment Rating - The report provides various investment ratings for companies in the consumer staples sector, with "Outperform" ratings for several companies including China Feihe, Haidilao, and China Resources Beer, while Budweiser APAC is rated "Neutral" [1]. Core Insights - The overall cost indices for six categories of consumer goods showed mixed trends, indicating stability in the market. Spot cost indices for soft drinks, beer, instant noodles, dairy products, frozen foods, and seasonings changed by +0.97%, +0.51%, +0.26%, -0.13%, -0.44%, and -0.57% respectively, while futures cost indices changed by -1.08%, +1.06%, -1.06%, -1.67%, -0.78%, and -0.06% respectively [31][32][33][34][35][36][37]. Summary by Category Beer - The spot cost index for beer increased by 0.51% month-on-month, while the futures index rose by 1.06%. Year-to-date, the spot and futures indices have decreased by 3.71% and 4.95% respectively [12][32]. Seasonings - The spot cost index for seasonings decreased by 0.57% month-on-month, while the futures index fell by 0.06%. Year-to-date, the indices have changed by -2.41% and -6.71% respectively [15][33]. Dairy Products - The spot cost index for dairy products decreased by 0.13% month-on-month, while the futures index fell by 1.67%. Year-to-date, the indices have changed by -3.36% and -3.93% respectively [18][34]. Instant Noodles - The spot cost index for instant noodles increased by 0.26% month-on-month, while the futures index decreased by 1.06%. Year-to-date, the indices have changed by -3.23% and -6.06% respectively [22][35]. Frozen Foods - The spot cost index for frozen foods decreased by 0.44% month-on-month, while the futures index fell by 0.78%. Year-to-date, the indices have changed by -2.3% and -3.37% respectively [25][36]. Soft Drinks - The spot cost index for soft drinks rose by 0.97% month-on-month, while the futures index fell by 1.08%. Year-to-date, the indices have changed by -4.19% and -10.86% respectively [28][37].

Core Viewpoint - The report from Huachuang Securities highlights the resilience of Dashi Co., Ltd.'s store model under pressure, projecting rapid profit growth in the coming years, with adjusted net profits expected to reach 1.41/2.47/3.45 billion yuan for 2025-2027 [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 2.59 billion yuan, a year-on-year increase of 27.0% [1] - Operating profit for the same period was 380 million yuan, up 28.0% year-on-year, while adjusted EBITDA reached 320 million yuan, reflecting a 38.3% increase [1] - Adjusted net profit for the first half was 90 million yuan, showing a significant year-on-year growth of 79.6% [1] Group 2: Store Expansion Strategy - The company estimates that there are approximately 40,000 pizza stores in the Chinese market, with the number of stores continuing to grow annually [2] - As of mid-2025, the company operates 1,198 stores across 48 cities, which is significantly lower than competitors like Pizza Hut [2] - The company plans to open around 300 new stores by 2025, balancing between existing markets and new city expansions [2] Group 3: Store Performance and Resilience - Same-store sales experienced a slight decline of 1.0%, but the company demonstrated strong brand power, achieving high initial sales in newly entered cities [3] - The average payback period for the 64 stores opened in 15 new cities since December 2024 is estimated at only 11 months, indicating strong competitiveness [3] Group 4: Operational Efficiency and Profit Growth - The management has focused on long-term development, resulting in a decrease in headquarters cost ratios, with human resource costs now at 5.1% of revenue [4] - The adjusted net profit margin increased to 3.5% year-on-year, benefiting from economies of scale as the company continues to expand its store network [4] - Future net profit growth is expected to outpace revenue growth due to ongoing store expansion and rising income [4]

智通财经APP获悉，华创证券发布研报称，考虑到达势股份(01405)的门店模型在压力下展示出的韧性， 叠加未来几年盈利的持续快速增长，预计公司25-27年的净利润为1.41/2.47/3.45亿元(此前25-26年为 2.25/3.28亿元)，经调整净利润为1.91/2.92/3.85亿元。参考可比公司，给予26年经调整净利润45xPE，目 标价109.08港元，维持"推荐"评级。 华创证券主要观点如下： 事项： 25年1H实现营收25.9亿元，yoy+27.0%;实现经营利润3.8亿元，yoy+28.0%实现经调整EBITDA3.2亿元， yoy+38.3%;实现经调整净利润0.9亿元，yoy+79.6%。上半年公司门店数量净增190家至1,198家，一线城 市净增6家，新增长市场净增184家;上半年同店总体为-1.0%，其中北、上为正增长，单店日均销售额同 比下降4.4%至12,915元，门店经营利润率同比上升为14.6%。 新开门店进展顺利，长期增长空间巨大 公司估计，目前中国披萨行业共有约四万家门店，行业门店数每年仍在增长。截至今年中期，公司门店 数为1,198家，仅进入了48个城市。公司进入城市数和 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 109.08 [2][8] Core Insights - The company achieved a revenue of HKD 2.59 billion in the first half of 2025, representing a year-on-year increase of 27.0%. Operating profit reached HKD 380 million, up 28.0% year-on-year, while adjusted EBITDA was HKD 320 million, reflecting a 38.3% increase. Adjusted net profit surged by 79.6% to HKD 90 million [2][4] - The company opened 190 new stores, bringing the total to 1,198, with a net increase of 6 stores in first-tier cities and 184 in emerging markets. Same-store sales declined by 1.0%, with first-tier cities showing positive growth. The average daily sales per store decreased by 4.4% to HKD 12,915, while the store operating profit margin increased to 14.6% [2][4] Financial Performance Summary - For 2024A, total revenue is projected at HKD 4.314 billion, with a staggering year-on-year growth rate of 307.5%. Adjusted net profit is expected to be HKD 550 million, with a growth rate of 72.9% [4] - The company anticipates continued strong growth in net profit, with projections of HKD 1.41 billion, HKD 2.47 billion, and HKD 3.45 billion for 2025-2027, respectively. Adjusted net profit is forecasted at HKD 1.91 billion, HKD 2.92 billion, and HKD 3.85 billion for the same period [2][4] Market Expansion Strategy - The company estimates that the Chinese pizza industry has around 40,000 stores, with annual growth in store numbers. Currently, the company operates 1,198 stores across 48 cities, significantly lower than its competitor, Pizza Hut, which has 3,864 stores in 900 cities. The company plans to open approximately 300 new stores in 2025, focusing on both existing and new markets [2][8] - The same-store sales decline of 1% reflects the resilience of the store model, with new stores in high-quality cities achieving strong initial sales. The company has seen a rapid cash recovery from new stores, with an average payback period of just 11 months [2][8] Profitability and Cost Management - The company benefits from operational leverage, with a decrease in overhead costs as it scales. The ratio of headquarters personnel costs to revenue has dropped to 5.1%, and the depreciation and amortization expense ratio has fallen to 1.1%. The adjusted net profit margin increased to 3.5% year-on-year [2][8] - The report anticipates that as the company continues to expand its store network and revenue, it will benefit from economies of scale, leading to a faster growth rate in net profit compared to revenue growth [2][8]